Hire Purchase with bad credit rating

bigmaz

Hi guys

This is probably an obvious question, but when trying to get a car on a hire purchase through a dealer, do they go through the usual checks like they would applying for a loan? I have bad credit history, and just wondered how it would work.

Cheers
Martin

robredz

bigmaz wrote: »

Hi guys

This is probably an obvious question, but when trying to get a car on a hire purchase through a dealer, do they go through the usual checks like they would applying for a loan? I have bad credit history, and just wondered how it would work.

Cheers
Martin

The finance company will likely check you out using Experian or another credit rating agency. But they may still grant you credit, they have been known to refuse someone squeaky clean with no credit history, precisely because they have NO credit history for them to base any decision. Others will know more imho

Experian_company_representative

It's worth telling the dealer what your credit history looks like because this might help them recommend an appropriate lender and product. Bear in mind that you can shop around for competitive credit yourself - you don't have to go through the dealer. If you go for an HP agreement then you don't actually own the car until you've made the final repayment. I'm sure there's plenty of advice on choosing the right credit product and shopping around for the best deal on this site. There are also some very good guides on the moneymadeclear site.

James